How do I shop for a card? A question that arises mostly when one looks around at the varieties of card offers that are available. Comparing different credit card offers before applying for a credit card may help applicants in finding the right card for their needs and will give them assurance that they are not paying higher interest rates or fees than they have to.

Deciding how to use the credit card is very important when shopping credit cards. If the card holder plans to pay off his balance every month then reward cards with low annual fees should be looked for. The value of rewards that the card holder receives should be compared to the annual fee that he has to pay. If the card holder plans to carry a balance, which is likely in most cases then credit cards with lowest APRs should be preferred.

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To know what to compare

Comparison between offers from different credit cards in the following categories might be helpful. APRs: Sometimes the card issuers offer several rates or range of rates and the applicant does not know the rate he will get until after they are approved for the card. In that case, the assumption of getting the lowest advertised rate might not be true. So to consider the other side of the picture that will the card be still preferable if the card holder has to pay the higher rates?

APR for balance transfers: If the card holder plans to transfer balance from one card to the other, he should compare the rate of interest that he will pay over the life of the new credit card not just the introductory rates that are offered.

APR Penalty: The penalty APR should be checked. The offer must tell the applicant what the penalty rate is and how long it would last.

Fees: The fees listed on each card should be compared. The common fees include cash advance fee, annual fee and a late payment fee. If the card holder plans to transfer balance he should take a closer look at the balance transfer fee.

Shopping Around

When starting a search for shopping credit cards, starting with one’s own bank or credit union may qualify the card holder for a better offer because of the existing relationship. Then comparing the offer that you receive with the others that are available online can give you a wider perspective.

Demanding the current card issuer to match or beat the new offers

If the card holder feels happy with current card service and is just bothered with the higher interest rates and fees, he should demand the card issuer to match or beat the offer given by the new card that he is considering.

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